NJ brings in former Detroit turnaround boss Orr for Atlantic City

New Jersey Gov. Chris Christie signed an executive order Thursday to take over troubled Atlantic City's finances, and he appointed an emergency manager to oversee the gambling resort's daily operations, nj.com reports,

The Republican governor named Kevin Lavin to head an emergency management team and named Kevyn Orr, who led Detroit out of bankruptcy, as a part-time counsel, the news site said.

Four of the city's 12 casinos closed in 2014. A fifth, Trump Entertainment's Taj Mahal, narrowly averted closing but remains in bankruptcy. The operating unit of Caesars Entertainment, the owner of Bally's Atlantic City and Caesars Atlantic City, filed for bankruptcy last Thursday.

Stabilizing the city's budget has been the focus of major summits backed by Christie and leaders in the state legislature.

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